Daily Term SOFR Loan definition

Daily Term SOFR Loan means a Swingline Loan that, except as otherwise provided in Section 2.11, bears interest at the Daily Term SOFR Rate.
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Daily Term SOFR Loan means a Swingline Loan that, except as otherwise provided in Section 2.08(b), bears interest at the Daily Term SOFR Rate.
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Daily Term SOFR Loan means the Loan at any time in which the Applicable Interest Rate thereon is calculated based on Daily Term SOFR plus the Margin.
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Examples of Daily Term SOFR Loan in a sentence

  • If any portion of the Loan is already outstanding as a Term SOFR Loan, such portion shall, commencing immediately after the end of the then current Interest Period, bear interest at the Reference Rate plus the Margin; provided, that if the Loan is already outstanding as a Daily Term SOFR Loan, the same shall be converted to the Reference Rate plus the Margin immediately.

  • If any Interest Period for a Term SOFR Loan ends less than one (1) calendar month prior to the Maturity Date, that portion of the Loan with shall convert to a Daily Term SOFR Loan, at Agent’s election, immediately after the end of such Interest Period.

  • Upon notice from Agent to Borrower of the commencement of a Benchmark Unavailability Period, Agent may convert the Loan from a Term SOFR Loan or a Daily Term SOFR Loan into a Loan based on the Reference Rate plus the Margin.

  • No more than two (2) Term SOFR Loans may exist for which Term SOFR has been selected with respect to portions of the outstanding Loan under the Loan Agreement and the Note and no more than one (1) Daily Term SOFR Loan may be outstanding at any time under the Agreement and the Note.

  • Determination of amounts payable under such Sections in connection with a Term SOFR Loan or Daily Term SOFR Loan shall be calculated as though each Lender funded its Term SOFR Loan and the Swing Line Lender funded its Daily Term SOFR Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Term SOFR Rate or Daily Term SOFR Rate applicable to such Loan, whether in fact that is the case or not.

  • All conversions and continuations of the Loan and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of each Term SOFR Loan or Daily Term SOFR Loan shall be at least equal to $500,000.

Related to Daily Term SOFR Loan

  • Initial Term Loan shall have the meaning provided in Section 2.1(a).

  • Term SOFR Loan means a Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

  • Term SOFR Rate means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

  • Additional Term Lender means any Lender with an Additional Term Loan Commitment or an outstanding Additional Term Loan.

  • Adjusted Term SOFR Rate means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

  • New Term Loan shall have the meaning provided in Section 2.14(c).

  • ABR Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Periodic Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Initial Term Loan Repayment Date shall have the meaning provided in Section 2.5(b).